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Brazil’S 2024 Budget Deficit Nears R$100 Billion
(MENAFN- The Rio Times) The Brazilian government, led by President Luiz Inácio Lula da Silva, reported a primary deficit of R$22.404 billion ($4.11 billion) in August 2024.
This deficit decreased by 19.6% in real terms compared to the same month last year. The accumulated deficit for the year reached R$99.383 billion ($18.24 billion). The National Treasury released these figures on Thursday, October 3, 2024.
The nearly R$100 billion ($18.24 billion) accumulated deficit was 9.1% lower in real terms than the R$109.313 billion ($20.06 billion) recorded from January to August 2023.
Over 12 months, the negative balance totaled R$227.52 billion ($41.75 billion), the highest value for this period since 2021. The economic team estimates a deficit of R$28.3 billion ($5.19 billion) for 2024.
This figure approaches the lower limit of the target, which is 0% of GDP, with a tolerance for a deficit of up to 0.25% of GDP. This tolerance equates to approximately R$28.8 billion ($5.28 billion).
However, financial market agents hold a less optimistic view. According to the Focus Bulletin, expectations suggest a public accounts deficit of 0.6% of GDP.
The Prisma Fiscal report from the Ministry of Finance indicates that economic agents anticipate a primary deficit of R$66.67 billion ($12.23 billion) in 2024.
The Ministry of Planning and Budget released R$1.7 billion ($0.31 billion) in September for spending in the 2024 Budget.
Brazil's 2024 Budget Deficit Nears R$100 Billion, Government Optimistic
This release became possible after eliminating the R$3.8 billion ($0.70 billion) contingency due to revenues exceeding government estimates.
The government also announced a block of R$2.1 billion ($0.39 billion) when mandatory expenses exceeded projections.
The primary deficit excludes debt interest payments. The Central Bank reported that the consolidated public sector's 12-month accumulated deficit reached R$1.11 trillion ($203.67 billion).
Interest payments on debt totaled R$855.0 billion ($156.88 billion) over 12 months until August, accounting for 76.9% of the total deficit in public accounts during this period.
This deficit decreased by 19.6% in real terms compared to the same month last year. The accumulated deficit for the year reached R$99.383 billion ($18.24 billion). The National Treasury released these figures on Thursday, October 3, 2024.
The nearly R$100 billion ($18.24 billion) accumulated deficit was 9.1% lower in real terms than the R$109.313 billion ($20.06 billion) recorded from January to August 2023.
Over 12 months, the negative balance totaled R$227.52 billion ($41.75 billion), the highest value for this period since 2021. The economic team estimates a deficit of R$28.3 billion ($5.19 billion) for 2024.
This figure approaches the lower limit of the target, which is 0% of GDP, with a tolerance for a deficit of up to 0.25% of GDP. This tolerance equates to approximately R$28.8 billion ($5.28 billion).
However, financial market agents hold a less optimistic view. According to the Focus Bulletin, expectations suggest a public accounts deficit of 0.6% of GDP.
The Prisma Fiscal report from the Ministry of Finance indicates that economic agents anticipate a primary deficit of R$66.67 billion ($12.23 billion) in 2024.
The Ministry of Planning and Budget released R$1.7 billion ($0.31 billion) in September for spending in the 2024 Budget.
Brazil's 2024 Budget Deficit Nears R$100 Billion, Government Optimistic
This release became possible after eliminating the R$3.8 billion ($0.70 billion) contingency due to revenues exceeding government estimates.
The government also announced a block of R$2.1 billion ($0.39 billion) when mandatory expenses exceeded projections.
The primary deficit excludes debt interest payments. The Central Bank reported that the consolidated public sector's 12-month accumulated deficit reached R$1.11 trillion ($203.67 billion).
Interest payments on debt totaled R$855.0 billion ($156.88 billion) over 12 months until August, accounting for 76.9% of the total deficit in public accounts during this period.
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